Developers Diversified sells three former Mervyn’s locations
Cleveland Developers Diversified Realty Corp. announced the sale of three former Mervyn’s locations in California.
“Retailers are acting with renewed interest in backfilling locations to ensure their growth plans are met for 2010 and 2011,” said Paul Freddo, senior executive VP leasing and development for Developers Diversified. “Demand for retail real estate continues to increase, and without new supply coming on line, we expect this trend to continue.”
Since being returned to the company, Developers Diversified has closed or has leasing activity on nearly 70% of the Mervyn’s portfolio, with retailers such as Kohl’s, Forever 21, Walmart, Dick’s Sporting Goods, Sprouts Farmers Market, Buybuy Baby, Hobby Lobby and Burlington Coat Factory.
The recently sold former Mervyn’s locations are:
- A75,207-sq.-ft. location in San Diego, at Southland Plaza Shopping Center;
- An 88,223-sq.-ft. location in Fairfield, Calif., at Westfield Solano Shopping Center; and
- A 79,808-sq.-ft. location in West Covina, Calif., at Westfield Eastland Shopping Center.
UltraStar Cinemas to open at Scottsdale Pavilions
Scottsdale, Ariz. De Rito Partners Development announced that UltraStar Cinemas will open its first UltraLuxe Theater in Arizona, at Scottsdale Pavilions in October.
The upscale theater features 11 auditoriums featuring stadium or luxury VIP seating, motion chair technology, reserved seating and a Cinema Cafe serving gourmet movie fare.
UltraStar Cinemas is headquartered in San Diego County and operates 120 screens at 13 sites throughout Southern California and Arizona.
Financier Patisserie to open in Manhattan
New York City Winick Realty announced that Peter Poulakakos’ pastry shop Financier Patisserie has leased its seventh Manhattan location.
The newest shop will open in 1,000 sq. ft. at 2 Astor Place just off the corner of Astor Place and Broadway, a space previously occupied by Cold Stone Creamery.